Statoil puts Bressay field development on ice - Offshore.
As operator, EnQuest holds 60 per cent of the venture, Cairn Energy 25 per cent and First Oil 15 per cent. First discovered in 1985 by Occidental Petroleum, but not developed because it was deemed uneconomic, the Kraken field holds an estimated 137 million barrels of recoverable oil reserves in three separate reservoirs.
Statoil’s original project schedule suggested that the PDQ would be installed in 2016 to allow for pre-development drilling, followed by installation of the topsides in 2017 and first oil in the first quarter of 2018. Bressay’s reserves are estimated at between 200 and 300 million barrels, and field life was predicted to be around 30 years.
Equinor (formerly named Statoil) has a broad range of activities in the UK, including offshore wind, upstream operations, natural gas trading and crude oil sales.
Bressay oil field news Norwegian oil major Statoil has decided to postpone the Bressay project development, located on the UK continental shelf, due to low oil price environment that is. Bbc news police corruption essays Met Police 'corruption' claims lead to calls for, he was trying to expose corruption within the Metropolitan Police.
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Oil reserves denote the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil. Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price.Reserves may be for a well, a reservoir, a field, a nation, or the world.
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